Gen Z and The Gig Economy: What Role Are New Generations Playing in Entrepreneurship?
It’s an important question that entrepreneurs of all ages should be asking.
Anyone who has started a new company or decided to venture into self-employment knows that when chasing success we also have to face the fear of failure. Fortunately, for younger entrepreneurs, recent studies have shown that 71% of Generation Z expect to experience significant failure before achieving success. Nearly 40% say they see failure as an opportunity to try again, making them the perfect generation for entrepreneurship. In fact, did you know that 42% of Gen Zers plan to start their own businesses and 3% already run their own business? This sense of fearlessness could certainly be positive for the entrepreneurial community. Here’s why:
Why Gen Zers Can Be Great Entrepreneurs
Having grown up with technology, the internet, and social media in their household, Gen Z is often stereotyped as tech-addicted, anti-social, or “social justice warriors.” However, access to various sources of knowledge has also given them the possibility to earn additional cash through freelancing and part-time work, as 77% of them earn money through an extra gig. This hasn’t only helped Gen Zers learn how to manage their income, but it has also given them a sense of fulfillment that older generations didn’t necessarily have.
The intrepid desire for constant improvement, an innate knowledge of all things tech, and a better understanding of money management than previous generations, give Generation Zers a great opportunity to become entrepreneurs, and the only way for other generations to stay competitive with their businesses is to embrace younger generations and learn from them.
More about Generation Z
According to Business Insider, “Generation Z (aka Gen Z, iGen, or centennials), refers to the generation that was born between 1996-2010, following millennials. This generation has been raised on the internet and social media, with some of the oldest finishing college by 2020 and entering the workforce.”
A few facts about Generation Z are:
- Generation Z, is the youngest, most ethnically-diverse, and largest generation in American history
- A recent Robert Half publication explained that 77% of Gen Zers believe they will need to work harder compared to those in past generations to have a satisfying and fulfilling professional life
- This same article shared that 32% percent of Gen Zers believe they will be managing employees in a corporate environment within the next five years
- Finally, Robert Half reported that honesty and integrity were the top quality sought in a boss, cited by 38 percent of respondents; this was followed by mentoring ability (21 percent)
Whether you’re a part of Generation Z or a predecessor, there’s no denying that this generation seeks happiness and job satisfaction more than others. Thanks to their values and multicultural DNA, there’s no doubt that Gen Zers will enrich entrepreneurship in a way no one has before.
The Gig Life
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